Business Services Industry
KKR pulls out of Coles bid.
Australasian Business Intelligence, May, 2007
Byline: Vanda Carson
May 28, 2007 (The West Australian - ABIX via COMTEX) -- The private equity consortium bidding for Australian retailer Coles Group has lost its second partner in as many days. US firm Kohlberg Kravis Roberts has joined CVC in dropping out of the $A20bn move on Coles, meaning that the chances of rival bidder Wesfarmers have improved significantly. The latter already owns a stake of 13 in the target. KKR's decision has unofficially been linked to its insight into the Coles data room, but the remaining firms of Texas Pacific Group, Bain Capital, Blackstone Group and Carlyle Group are still evaluating those figures. Coles has recently been affected by diminished sales performance, and the fact that the auction closes on 25 June but may not have...
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